Module

G12/ ABM__BF12-lllc-d-10-11 3
FINANCIAL PLANNING TOOLS AND CONCEPTS Week
3-4
I What I Need to Know?

1. This module was written for you to accomplish at home. It was carefully
designed so that you can work at your own pace and allow self-discovery
of the concept through activities that you will perform. Activities were
also selected to allow independent learning which also aims to develop
students’ reading comprehension skills through understanding written
texts.
After going through this module, you are expected to:
1. Explain the importance of planning.
2. Differentiate between strategic planning and tactical planning.
3. Enumerate and apply the steps in planning.
4. Determine and apply the tools used in planning and forecasting.
5. Illustrate the formula and format for the preparation of budgets and
projected financial statements.

D What I Know?
Task 1: Pretest
Instruction: Choose the letter corresponding to the correct answer for each of the
questions provided below.
1. What is budgeting?
a. Having enough money to buy something. c. Having ability to pay bills on time.
b. Having money left over at the end of the month. d. A plan made in advance
regarding the expenditure of money based on available income.

2. What is the purpose of a budget?

a. Estimating income and expenses c. Increasing income
b. Saving for future expenses d. Helping spend wisely

3. What is/are the objective/s of Proforma Financial Statements?

a. To give an idea of how the actual statement will look like.
b. To facilitate comparisons of historic data and projections of future Performance.
c. It helps you get financed because the lenders or investors will see how you would use
their money to grow your business.
d. All of the above.

4. Financial planning is a process to ensure that ________________.

a. the cash flow of the company is positive. c. the resources are unlimited.
b. the company is solvent. d. the company is liquid and has paid all its
investors’ dividends.

5. A plan to be effective should be created using S.M.A.R.T. philosophy. What do

S.M.A.R.T. mean?
a. Specific, measurable, assignable, realistic, time-related
b. Specific, macro, assignable, realistic, time-related
c. Smart, measurable, assignable, realistic, time-related
d. None of the above

D What is It?

1
 TOPIC 1:
IDENTIFY THE STEPS IN THE FINANCIAL PLANNING PROCESS

Planning is an important aspect of the firm’s operations because it provides road maps
for guiding, coordinating, and controlling the firm’s actions to achieve its objectives
(Gitman & Zutter, 2012).
- Management planning is about setting the goals of the organization and identifying
ways on how to achieve them (Borja& Cayanan, 2015). (short term goal & long term
goal)
• There are two phases of financial planning. Financial planning starts with long term
plans which would then translate to short term plans.

• Strategic vs. Tactical Planning - Discuss the difference between Strategic and Tactical
planning.
• Long-term financial plans or Strategic plans- These are a set of goals that lay out
the overall direction of the company.
- A long-term financial plan is an integrated strategy that takes into account various
departments such as sales, production, marketing, and operations for the purpose of
guiding these departments towards strategic goals.
- Those long-term plans consider proposed outlays for fixed assets, research and
development activities, marketing and product development actions, capital structure,
and major sources of financing.
- Also included would be termination of existing projects, product lines, or lines of
business; repayment or retirement of outstanding debts; and any planned
acquisitions(Gitman & Zutter, 2012).
• Short-term financial plans or Tactical plans- Specify short-term financial actions
and the anticipated impact of those actions. Part of short term financial plans include
setting the sales forecast and other forms of operating and financial data. This would
then translate into operating budgets, the cash budget, and pro forma financial
statements (Gitman & Zutter, 2012). -

Long-term planning Short-term planning

Persons More participation from Top Management is still involved but there is
Involved top management more participation from lower level managers
(production, marketing, personnel, finance
and plant facilities) because their inputs are
crucial at this stage since they are the ones
who implement these plans
Time 2 to 10 years 1 year or less
Period
Level of Less More
Detail
Focus Direction of the company Everyday functioning of the company

The Financial Planning Processes

There are six steps of financial planning processes that you should know. It includes:
Step 1: Determine Your Current Financial Situation. In this first step of the financial
planning process, you will determine your current financial situation with regard to
income, savings, living expenses, and debts. Preparing a list of current asset and debt
balances and amounts spent for various items gives you a foundation for financial
planning activities.
Step 2: Develop Financial Goals. You should periodically analyze your financial values
and goals. This involves identifying how you feel about money and why you feel that
way. The purpose of this analysis is to differentiate your needs from your wants.
Specific financial goals are vital to financial planning. Your financial goals can range
from spending all of your current income to developing an extensive savings and
investment program for your future financial security.
Step 3: Identify Alternative Courses of Action. Developing alternatives is crucial for
making good decisions. Although many factors will influence the available alternatives,
possible courses of action usually fall into these categories:
• Continue the same course of action. • Expand the current situation.
• Change the current situation. • Take a new course of action.

2
• Not all of these categories will apply to every decision situation; however, they do
represent possible courses of action.
• Creativity in decision making is vital to effective choices.
Step 4: Evaluate Alternatives. You need to evaluate possible courses of action, taking
into consideration your life situation, personal values, and current economic conditions.
Consequences of Choices. Every decision closes off alternatives. For example, a decision
to invest in stock may mean you cannot take a vacation. A decision to go to school full
time may mean you cannot work full time. Opportunity cost is what you give up by
making a choice. Decision making will be an ongoing part of your personal and financial
situation. Thus, you will need to consider the lost opportunities that will result from
your decisions. Evaluating Risk. In many financial decisions, identifying and evaluating
risk is difficult. The best way to consider risk is to gather information based on your
experience and the experiences of others and to use financial planning information
sources. Financial Planning Information Sources. Relevant information is required at
each stage of the decision-making process. Changing personal, social, and economic
conditions will require that you continually supplement and update your knowledge.
Step 5: Create and Implement a Financial Action Plan. In this step of the financial
planning process, you develop an action plan. This requires choosing ways to achieve
your goals. As you achieve your immediate or short-term goals, the goals next in priority
will come into focus. To implement your financial action plan, you may need assistance
from others. For example, you may use the services of an insurance agent to purchase
property insurance or the services of an investment broker to purchase stocks, bonds,
or mutual funds.
Step 6: Re-evaluate and Revise. Your Plan Financial planning is a dynamic process
that does not end when you take a particular action. You need to regularly assess your
financial decisions. Changing personal, social, and economic factors may require more
frequent assessments.

TOPIC 2: Formula and Format for the Preparation of Budgets and

Projected Financial Statement
In planning, the goal of maximizing shareholders’ wealth must always be put in
mind. Therefore, the following criteria must be used for an effective planning:
 SPECIFIC – target a specific area for improvement.
 MEASURABLE – quantify or at least suggest an indicator of progress.
 ASSIGNABLE – specify who will do it.
 REALISTIC – state what results can realistically be achieved, given available
resources.
 TIME-RELATED – specify when the result(s) can be achieved. (Doran, G. T.
(1981). "There's a S.M.A.R.T. way to write management's goals and objectives".
Management Review (AMA FORUM) 70 (11): 35–36.)

3
1. Sales Budget- The most important account in the financial statement in making a
forecast is sales since most of the expenses are correlated with sales. Given the
importance of the sales forecast, the financial manager must be able to support this
figure with reasonable assumptions. The following external and internal factors should
be considered in forecasting sales:
External: • Gross Domestic Product (GDP) growth rate • Inflation • Interest Rate •
Foreign Exchange Rate • Income Tax Rates • Developments in the industry •
Competition • Economic Crisis • Regulatory Environment • Political Crisis
Macroeconomic Variables (external). Macroeconomic variables such as the GDP rate,
inflation rate, and interest rates, among others play an important role in forecasting
sales because it tells us how much the consumers are willing to spend. A low GDP rate
coupled by a high inflation rate means that consumers are spending less on their
purchases of goods and services. This means that we should not forecast high sales of
the periods of low GDP.
Developments in the Industry (external). Products and services which have more
developments in its industry would likely have a higher sales forecast than a product or
service in slow moving industry. Consumer trends are always changing, thus the
industry should be competitive to be able to appeal to more customers and stay in the
market. Competition (external). Suppose you are selling bread and you know that
each person in your community eats an average of one loaf of bread a day. The
population of your community is 500 people. If you are the only person selling bread in
your town, then your sales forecast is 500 units of bread. However, you also have to
take account your competition. What if there are 4 other sellers of bread? You will need
to have to divide the sales between the 5 of you. Does this mean your new forecast
should be 100 units of bread? Not necessary. You should also know the preference of
your consumers. If more of them would prefer to buy more bread from you, then you
should increase your sales forecast.
Internal: • production capacity • man power requirements • management style of
managers • reputation and network of the controlling stockholders • financial resources
of the company.
Production Capacity and man power (internal). Suppose that you have already
evaluated the macroeconomic factors and identified that there is a very strong market
for your product and consumers are very likely to buy from you. You forecasted that you
will be able to sell 1,000 units of your product. However, you only have 20 employees
who are able to produce 20 units each. Your capacity cannot cover your expected
demand hence, you are limited by it. To be able to increase capacity, you should be able
to expand your operations.

2. Production Budget - A production budget provides information regarding the

number of units that should be produced over a given accounting period based on
expected sales and targeted level of ending inventories. It is computed as:
Required production in units = Expected Sales + Target Ending
Inventories - Beginning Inventories
Note: Ending inventory of current period is beginning inventory of next period.

Example: - [A] Company forecasts sales in units for January to May as follows:
Jan Feb Mar Apr May
Units 2,000 2,200 2,500 2.800 3,000
- Moreover, [A] Company would like to maintain 100 units in its ending inventory at the
end of each month.
- Beginning inventory at the start of January amounts to 50 units.
- How many units should [A] Company produce in order to fulfill the expected sales of
the company?
Months
Jan Feb Mar Apr May Total
Projected Sales 2,000 2,200 2,500 2.800 3,000 12,500
Target level of ending 100 100 100 100 100 100
inventories
Total 2,100 2,300 2,600 2,900 3,100 12,600
Less: beginning inventories 50 100 100 100 100 50
Required production 2,050 2,200 2,500 2.800 3,000 12,500

4
3. Budgeting Cash- Operations budget refers to the variable and fixed costs needed to
run the operations of the company but are not directly attributable to the generation of
sales. - Examples of this are the following: • Rent payments • Wages and Salaries of
selling and administrative personnel • Administrative Costs • Travel and representation
expenses • Professional fees • Interest Payments • Tax Payments
4. Cash Budget- or cash forecast, is a statement of the firm’s planned inflows and
outflows of cash. It is used by the firm to estimate its short-term cash requirements,
with particular attention being paid to planning for surplus cash and for cash shortages
(Gitman & Zutter, 2012)
• Below is the general form of the Cash Budget:
Cash budget
Jan Feb Mar Apr May Total
Cash Receipts xxx xxx xxx xxx xxx Xxx
Less: Cash Disbursements
Net Cash Flow
Add: Beginning Cash
Ending Cash
Required Ending Cash
balance
Required total financing
Excess cash balance
• The following are the steps in formulating a cash budget:
A. Form the sales forecast, identify how much would be collected in the cash budget
period. Sales may be made in cash or for credit. Cash sales are translated to cash at the
point of sale while credit sales are collected depending on the credit period. Credit
periods may range from 10 days to more than a month depending on the strategy of the
company.
- Continuing from previous example, assume selling price is PHP100/unit.
Sales for each month are expected to be collected as follows:
‣ Month of sales : 20%
‣ A month after sales: 50%
‣ 2 months after sales: 30%

B. Identify other receipts. - Examples: ‣ interest received ‣ return on principal

investments ‣ proceeds from sale of non-operating assets ‣ issuance of capital stock ‣
proceeds from borrowings
- Add these receipts to the collections from sales to get to total receipts.
C. From the Production Budget, identify how much of the purchases made will be paid
by the company on the cash budget period. Like sales, purchases may be made in cash
or on credit depending on the supplier’s credit terms.
- Continuing from previous example:
‣ Assume that cost per unit is PHP50.
‣ All purchases this month are paid the following month. How much is total cash
disbursements for purchases (AVERAGE)?

5
D. From the operations budget, identify which expenses will be paid in cash during the
cash budget period. - The following expense items will be paid based on the following
periods: 1. Rent payments: Rent of PHP5,000 will be paid each month. 2. Wages and
salaries: Fixed salaries for the year are PHP96,000, or PHP8,000 per month. Wages are
estimated as 10% of monthly sales. 3. Tax payments: Taxes of PHP25,000 must be paid
in April.
E. Identify all other cash payments to be made. - Examples: ‣ Fixed-asset purchases in
cash ‣ Cash dividend payments ‣ Principal Payments Repurchase of common stock ‣
Purchase of stock/bond investments - It is important to recognize that depreciation and
other noncash charges are NOT included in the cash budget.
The following items will be paid based on the following periods: ‣ Fixed-asset outlays:
New machinery costing PHP130,000 will be purchased and paid for in April.
‣ Interest payments: An interest payment of PHP10,000 is due in May.
‣ Cash dividend payments: Cash dividends of PHP20,000 will be paid in January.
‣ Principal payments (loans): A PHP20,000 principal payment is due in Feb

F. Match the receipts and disbursements on the periods they become collectible and
payable, respectively.
G. Set a minimum required cash balance. This balance is maintained in case
contingencies arise. Recall from the steps in planning that we should also plan for
contingencies.
H. If the net cash flow is above the minimum cash balance, the company is in excess
cash and may consider putting it in short term investments. If it is below, the company
should make a short term borrowing during that period.
- Moreover, [A] Company has a beginning cash balance of PHP80,000 and would like to
maintain an ending cash balance of PHP100,000 per month. Prepare [A] Company’s
Cash Budget for January to May. Prepare a cash budget (DIFFICULT).

6
‣ If the ending cash balance after payment of all required disbursements is less than
the required ending balance, the company needs to borrow additional cash from short
term borrowings to meet its required ending balance. Should the ending cash balance
exceed the company’s minimum cash requirement the next period, the company may be
able to repay the loan plus accrued interest.
‣ Should the Company have excess cash above its required maintaining cash balance,
the company may invest this cash on short term investments so that it will have an
opportunity to earn additional profits. If the company’s cash balance would then fall
below its minimum cash requirement, the company may withdraw the investment to be
able to meet the required cash balance.

5. Projected Financial Statements - is a tool of the company to set an overall goal of what the
company’s performance and position will be for and as of the end of the year. It sets targets to
control and monitor the activities of the company. The following reports may be forecasted:
‣ Projected Income Statement ‣ Projected Statement of Financial Position
‣ Projected Statement of Cash Flows
Financial forecasts assist businesses in the attainment of their goals. They are the
future predictions of finances which provide details of actual the results or progress of
performances. Predicting the financial future of a business needs a lot of considerations
especially if the business has not yet been established and has none financial history.
The forecasting and making adjustments will enable a business to become more precise
and accurate in numbers in the future.

What Is Projected Income? Wood, C. (2020) said the projected income is an estimate
of the financial results you'll see from your business in a future period of time. It is
often presented in the form of an income statement, although it doesn't have to be. The
chart above represents a projected income of Company A.
How It's Estimated? Let's say the ABM Supermarket is considering an expansion. You
have decided to put together a projected income statement for the following year to see if
the new products are dominating the market.

7
 The balance sheet shows a business's actual, historical financial positions, while
a projected balance sheet communicates expected changes in future asset investments,
outstanding liabilities and equity financing. Businesses may consider a projection of a

8
balance sheet as to facilitate long-term, strategic planning which often concern future
asset growth and how it may be supported by increased financing through both debt
and equity. It provides the most relevant financial information needed in the business
planning process. The chart above represents a projected Financial Position for 5 years
(Jay, W. 2019).

If you want to predict your business’s cash flow, create a cash flow projection. A
cash flow projection estimates the money you expect to flow in and out of your
business, including all of your income and expenses. The chart above is an example of
projected cash flows (Kappel, M. 2019).

E What’s More?
Task 1: Directions: Choose the letter corresponding to the correct answer for each of the
questions provided below.
1. Which of the following statements about budgeting is incorrect?
a. Budgets provide direction and coordination. b. Budgets motivate staff.
c. A budget is a financial plan. d. A budget looks back and review performance.

2. Which of the following is normally prepared first?

a. Cash Budget b. Production Budget
c. Sales Budget d. None of the above

3. What is a sales budget?

a. A plan of items to be sold. b. A plan of how much an item will cost.
c. A plan for how much money should be made in a given period.
d. A plan for tracking an inventory and how much they sell.

4. Why many small businesses do not use budget?

a. Budgeting is for large firms only. b. Budgeting can be time consuming.
c. Small businesses do not record variances. d. All of the above.

5. Which of the following is NOT a benefit of budgeting?

a. It is a source of motivation. b. It is a means of coordinating business activities?
c. It prevents company to incur net losses.
d. It promotes study, research, and focus on the future.

Task 2: Independent Activity… Production Required

Direction: Calculate the production budget of ABM Company , given the following data:
1. ABM company forecasts sales in units for August to December as 10,000,
20,000, 40,000, 30,000 and 20,000 respectively
2. - Moreover, ABM Company would like to maintain 100 units in its ending
inventory at the end of each month.
3. - Beginning inventory at the start of January amounts to 100 units.
4. - How many units should ABM Company produce in order to fulfill the expected
sales of the company? Make a table to present the data needed.

Task 3: Independent Activity… Cash Receipt budget

Direction: Based on the table above, or your answer above determine the cash receipt
budget using the following data: You are required to make a presentation for it.
1. Sales per unit is P10

9
 2. Historically, 20% of the company sales have been for cash, 50% have
generated accounts receivable collected after 1 month, and the remaining
30% have generated accounts receivable collected after 2 months.
3. In December, the firm will receive a PHP30,000 dividend from stock in a
subsidiary

Task 4: Independent Activity… Cash Disbursement budget

Direction: Based on the table above, or your answer above in task #2 determine the
cash disbursement budget using the following data: You are required to make a
presentation for it.
1. Purchases – The company purchases represent 70% of sales. Of this amount,
10% is paid in cash, 70% is paid in the month immediately following the month
of purchase, and the remaining 20% is paid 2 months following the month of
purchase.
2. Rent Payments - Rent of PHP5,000 will be paid each month.
3. Wages and Salaries - Fixed salary cost for the year is PHP96,000, or PHP8,000
per month. In addition, wages are estimated as 10% of monthly sales.
4. Tax Payments - Taxes of PHP25,000 must be paid in December
5. Fixed Assets - New machinery costing PHP130,000 will be purchased and paid
for in November. - Interest Payments
6. An interest payment of PHP10,000 is due in December.

E What can I Engage In?

Task 5: APPLYING THE ANALYSIS
Directions: Based on your answer in the previous tasks you are required to make a
cash budget. The company wishes to maintain as a reserve for unexpected needs, a
minimum cash balance of PHP25,000.

A What I have Learned?

 A sales budget provides details of the amount of money that a firm estimates it will receive from
the sales of its goods and services in a particular period whereas a production budget is a plan
that lists the number of units to be manufactured during a period.
Cash Receipts include all of a firm’s inflows of cash in a given financial period. The most
common components of cash receipts are cash sales, collections of accounts receivable, and other
cash receipts.
Cash Disbursements include all outlays of cash by the firm during a given financial period.
 The cash budget is part of planning. It helps managers anticipate future funding requirements
in order to obtain proper financing even before the need arises. This will help them avoid
usurious rates. On the other hand, if the company has excess cash, managers are able identify
the investment instruments that will maximize the returns on the excess cash.

Task 6:Direction: Make a cash budget based on the following data:

It was December 2014 and the president of DCD Corporation wants to find out if the
company has enough cash to pay the principal balance of the company’s loan worth
PHP3 million by the end of 2015. He asked the chief accountant to prepare the cash
budget for 2015.
1. Projected quarterly sales for 2015 are as follows: First quarter - Php 5 million, second
quarter - -Php 7.5 million, third quarter - Php 8.5 million, and fourth quarter - Php 10
million.
2. Fourth quarter sales in 2014 was Php 8 million. Sales are collected 90% in the
quarter the sales are made. The remaining 10% is collected the following quarter.
3. The cost of sales is 75% of sales. Merchandise inventories are purchased in the
quarter these are sold. All merchandise purchased in the quarter are paid in the same
quarter.

10
4. Operating expenses for each quarter paid in cash are as follows: First quarter -
PHP500,000, second quarter -PHP750,000, third quarter - PHP850,000, and fourth
quarter - PHP1,000,000.
6. On top of these cash operating expenses, depreciation expenses that should be
charged to operations is PHP150,000 per quarter.
7. Interest expense paid every quarter is PHP75,000.
8. Income tax rate is 30%. The income taxes to be paid every quarter will be as follows:
First quarter - PHP157,500, second quarter - PHP270,000, third quarter - PHP315,000,
and fourth quarter - PHP382,50.
9. Expected cash balance at the end of 2014 is about PHP350,000. For 2015, target
cash balance is raised to PHP500,000 because of expected increase in sales.

Task 6: Reflect and answer what the situation is.

As the COVID-19 pandemic continues to strike pain on small and large
businesses, thousands of enterprises are closing down that affects millions of workers.
Camille Jazul-Salita, 28, beauty adviser in Qatar Airways, is one those Filipino
overseas who came home. She was planning to resign in August but she did it earlier
because of the COVID. Jazul-Salita quips that she plans to enroll in a baking class at a
state-owned technical school while she is here in the Philippines (Tadalan, 2020).
In today’s difficult times, planning is essential to the success of any business.
When a company has plan to follow, it is ready to face the future. As Book of Luke
chapter 14 verse 28 says “Suppose one of you wants to build a tower. Won’t you first sit
down and estimate the cost to see if you have enough money to complete it?”
If you were Jazul-Salita, are you going to open a small business amid this crisis? How
will you manage the cost of your small venture?

A What I can Do?

Task 8: (Collaboration and Critical Thinking)

Direction: MULTIPLE CHOICE : Choose the letter corresponding to the correct answer
for each of the questions provided below.
1. Why are budgets useful in the planning activity of an organization?
a. Budgets help communicate goals and provide a basis for evaluation.
b. Budgets provide management with information about the company’s past
performance.
c. Budgets enable the budget committee to earn paycheck.
d. Budgets guarantee the company to be profitable if it meets the objectives.

2. Which of the following is not a motive for budgeting according to Bible’s teaching?
a. Buy the things I want b. Stay out of debt
c. Buy the things I need d. Have enough to give

3. What is the formula for computing production budget?

a. Expected Sales in Units + Planned Ending Inventory Units – Beginning Inventory in
Units
b. Expected Sales in Units + Beginning Inventory in Units + Planned Ending Inventory
Units
c. Planned Ending Inventory Units + Beginning Inventory in Units – Expected Sales in
Units
d. None of the above

4. Complete the table below:

11
References:
Books
Cayanan, A. & Borja (forthcoming). Business Finance. Quezon City. Rex Bookstore. Gitman, L. J. &
Zutter C. J. (2012), Principles of Managerial Finance (13th Ed), USA: Prentice-Hall
Tadalan, C. (2020). Pandemic slashes remittance lifeline as overseas Filipino workers lose job.
Retrieved on June 29, 2020 from https://www.bworldonline.com/pandemicslashes-remittance-
lifeline-as-overseas-filipino-workers-lose-jobs/
Teaching Guide for Senior High School, Business Finance, Published by the Commission on
Higher Education, 2016
http://novella.mhhe.com/sites/0079876543/student_view0/senior_experience999/
your_finances19/financial_planning.html. Retrieved June 22, 2020
https://aspira.org/sites/default/files/U_XI_M_1_ipf.pdf. Retrieved June 22, 2020
https://www.thebalance.com/the-6-steps-of-financial-planning-2466498. Retrieved June 22,
2020
https://wikifinancepedia.com/finance/six-steps-in-financial-planning-process-examples.
Retrieved June 22, 2020 http://en.wikipedia.org/wiki/Personal_finance. Retrieved June 22, 2020
https://thelabconsulting.com/robotic-process-automation-in-financial-services-anoverview-
examples-and-how-to-implement-rpa/. Retrieved June 22, 2020
https://orange520.blogspot.com/2016/11/financial-management-chapter-4-long.html.
Retrieved June 22, 2020 https://study.com/academy/lesson/projected-income-example-lesson-
quiz https://www.smallbusiness.wa.gov.au/business-advice/financial-management/budgetsand-
forecasts https://study.com/academy/lesson/projected-income-example-lesson-quiz.html E-
SITES REFERENCES
https://smallbusiness.chron.com/creating-projected-balance-sheet-40737.html
https://www.patriotsoftware.com/blog/accounting/how-to-project-your-cashflow
Acknowledgment
Writer: Edna B. Waje , DEM Ellaine I. Dela Cruz, DBA
Editor: Isabel A. Gumaru, DBA
Evaluator: Ellaine I. Dela Cruz, DBA
Validators & Reviewers: Remylinda T. Soriano, EPS Angelita Z. Modesto, PSDS George G.
Borromeo, PSDS
Management Team : Maria Magdalena M. Lim, Schools Division Superintendent, Manila Aida H.
Rondilla, Chief Education Supervisor Lucky S. Carpio, EPS in charge of LRMDS Lady Hannah C.
Gillo, Librarian II, LRMDS

12